On 9 January 2020, the UK Parliament updated its webpage on the Financial Services Duty of Care Bill 2019-20 (the Bill). Following the dissolution of the 2017-2019 Parliament, the Bill fell and made no further progress. The Bill has now been formally reintroduced in the House of Lords to account for the new Parliamentary session.
The Bill requires the FCA to make rules for authorised persons to owe a duty of care to consumers in their regulated activities. For more information on the Bill, see our previous blog.
The Bill, as reintroduced, is substantially the same as the original Bill and received its first reading in the House of Lords on 9 January 2020.
The date for the Bill’s second reading has yet to be announced